605.04072 Selection and terms of managers in a manager-managed limited liability company.
230 words·~1 min read·
/fl/title-xxxvi/chapter-605/605-04072·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
In a manager-managed limited liability company, the following rules apply:
(1)A manager may be chosen at any time by the consent of the member or members holding more than 50 percent of the then-current percentage or other interest in the profits of the limited liability company owned by all of its members.
(2)A person need not be a member to be a manager.
(3)A person chosen as a manager continues as a manager until a successor is chosen, unless the manager at an earlier time resigns, is removed, or dies or, in the case of a manager that is not an individual, terminates.
(4)A manager may be removed at any time without notice or cause by the consent of the member or members holding more than 50 percent of the then-current percentage or other interest in the profits of the limited liability company owned by all of its members.
(5)The dissociation of a member who is also a manager removes the person as a manager.
(6)If a person who is both a manager and a member ceases to be a manager, that cessation does not, by itself, dissociate the person as a member.
(7)A person’s ceasing to be a manager does not discharge a debt, obligation, or other liability to the limited liability company or members which the person incurred while a manager.